New Open-Source Platform Aims to Digitize Carbon Credit Markets

New Open-Source Platform Aims to Digitize Carbon Credit Markets
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A Game-Changing Innovation

The 2023 United Nations climate change conference showcased a range of groundbreaking initiatives aimed at combating climate change and simplifying the complex carbon credit markets. Among the many announcements, Envision Blockchain, in partnership with HBAR Foundation and Swirlds Labs, unveiled an innovative open-source Managed Guardian Service (MGS) platform. This platform focuses on digitizing and streamlining the measurement, reporting, and verification (dMRV) system for carbon markets.

Revolutionizing Carbon Markets

The dMRV system, developed in collaboration with the UN Climate Change Global Innovation Hub and built on the HBAR blockchain, is set to revolutionize carbon markets through decentralized blockchain technology. This digital transformation aims to enhance trust and transparency in the industry.

Advanced Features for Carbon Market Industry

The dMRV platform offers a range of advanced features, including an artificial intelligence (AI) search and Guided Search features. These tools are designed to assist users in navigating the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) Methodology library and other standard registries in the carbon market industry.

Digitizing Carbon Credit Creation

The CDM methodology library comprises hundreds of rulesets necessary for creating carbon credits. Envision, with the support of the UNFCC secretariat, has digitized 15 of the most commonly used rules and expanded the library of available methodologies in HBAR’s Guardian ecosystem. This expansion allows stakeholders in the market to leverage digital technologies to address trust and transparency concerns.

Enhancing Transparency and Traceability

The platform also features a Project Data Comparison tool, enabling users to compare data recorded as Verifiable Credentials (VCs), including the Global Blockchain Business Council’s (GBBC) dMRV Specification Version 2 compliant 'property fields.' VCs are digital certificates that validate essential project information and play a critical role in ensuring authenticity. This comparison tool offers a detailed project data analysis, addressing double counting issues and improving transparency and traceability in environmental projects.

Driving Digitalization in Carbon Credit Market

The library of digital rules, operating within the Guardian ecosystem, is adopted by organizations developing applications that leverage this open-source technology to support digitized measurement, reporting, and verification processes. This platform is a significant step towards a more transparent and efficient carbon credit market.

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